Urge president to keep “strong voice for our nation’s consumers”; Term Ends April 13

WASHINGTON (April 3, 2013) – Reps. Ed Markey (D-Mass.), Joe Courtney (D-Conn.), Rosa DeLauro (D-Conn.), and Peter Welch (D-Vt.) today asked President Obama to re-nominate Commissioner Bart Chilton to another term on the Commodity Futures Trading Commission. The CFTC is tasked with oversight over all commodities markets in the United States, giving them jurisdiction over the trading of oil, natural gas, precious metals, and agricultural futures, along with the bulk of the more than $300 trillion swaps market.

In a letter sent to the president, the four Democrats explain, “Since joining the Commission in 2007, Commissioner Chilton has been a strong voice for our nation’s consumers, advocating for vigorous new rules on the riskiest financial and investment practices. An advocate for increased transparency and accountability in our previously unregulated derivatives market, Commissioner Chilton has helped to promulgate rules that help bring light to this previously dark market.

“He has worked to implement rules that address systemic risk, that combat manipulation and disruptive trading practices in our markets, and that institute new types of clearing, trading and reporting platforms. An outspoken proponent for regulations to address excessive speculation, Commissioner Chilton has strongly supported the implementation of position limits to prevent excessive speculation and the related impact on energy and other commodities prices.”

The letter sent by the four members of Congress is available HERE. Commissioner Chilton was originally nominated by President George W. Bush and was confirmed by the Senate in 2007.  His current term expires April 13, 2013, but he can continue to serve in the position until someone else is confirmed to his seat.

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